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Financial regulator: Dodd-Frank rules ‘largely completed’

The 2010 Dodd-Frank Act gave broad new authority to the CFTC to oversee the derivatives market, which was previously largely unregulated and played a significant role in the 2008 financial crisis.

Major new rules went into place earlier this month that Gensler said should decrease the risks the swaps market can have for the economy.

On Oct. 2, the CFTC launched new government-backed electronic platforms for derivatives traders. Early next year, the agency will require that traders switch to those “swap execution facilities” to new to increase transparency and allow regulators to get a better look into the trading system.

In the interview, Gensler said that he was “pleased” with the launch of the platforms, which he called a “paradigm shift.”

“Though the CFTC was in darkness due to the shutdown, we actually were able to bring some light to the swaps markets,” he said about the launch.